How much personal spends do you have?

[WhatsAppening]

I want to start getting better control over my spending. I’m thinking about allocating myself £400pm cash so I know when it’s gone it’s gone.

Currently I just whack everything on the credit card and don’t really think about it, we have no savings and a little bit of debt. We’re not struggling at all but I would like to be more secure with savings and start really hammering the mortgage which is currently nearly £400k with another 23 years to go.

DH would like to semi retire in about ten years.

Income is c£5000pm sometimes up to £6k if DH or me work more hours (we both get paid overtime). DH earns the bulk of the money so I want to stop being such a spendy bastard so he can start enjoying it.

Is £400 fair? DH would also get the same amount, although he won’t spend it.

I’m a dirty smoker, and my hobbies are eating out and drinking wine. I don’t really spend on much else. This will be a budget cut for me.

Any tips on how to do it? I’m terrible for frittering so cash is going to make me stop and think.

AIBU to think £400pm is loads of money and I will have no problem sticking to it? Or am I setting myself up to fail miserably?

Its plenty. My own take home is about the same and I spend less than £400 pcm on personal items (and thats half your budget for the same take home as you're saying £800 between you). You can totally do it. I do have a smaller mortgage as havent quite gotten the courage to get a larger house and mortgage yet. What are your plans for getting to the point of semi retiring in 10 years when you still have 400k on your mortgage? Do you have good pension pots? Interested as this is what I am thinking about at the moment and really having to drive up my pension saving as started late!